- In a Blockchain Capital seed fundraising round, QED Protocol has raised $6 million.
- According to founder Carter Feldman, the funding increased QED’s worth to a “9-figure” sum, or at least $100 million.
Blockchain Capital is the only investor in QED, a Bitcoin scaling technology, which has raised $6 million in a startup fundraising round.
According to CEO Carter Feldman, QED closed the round in April after starting to raise money in March. According to Feldman, the funding round was set up as a simple agreement for future equity (SAFE) plus token warrants, raising QED’s valuation to nine figures, or at least $100 million. He refused to give an exact amount.
Feldman said, “We have the best ZK tech in the world.” With QED, you can create applications that take advantage of Bitcoin’s security and decentralization, such as decentralized exchanges, DeFi, and other features that were before unattainable on the platform.
Feldman said that by utilizing Taproot, an update that introduced smart contracts to the Bitcoin blockchain, and zero-knowledge proofs, QED’s technology is compatible with Bitcoin Core.
More than 150,000 transactions are allegedly processed every second using the QED protocol. Its goal is to build an ecosystem of web2-scale games and order book exchanges, among other hyper-scalable web3 applications.
Aleks Larsen, general partner at Blockchain Capital, said in a statement that QED unlocks Bitcoin-native smart contracts and scales solutions that have long been deemed unfeasible by bringing the power of ZK to Bitcoin in a way that is both highly cost-effective and minimizes trust.
Feldman stated that QED does not view other Bitcoin scaling protocols as rivals, claiming that their only security mechanism is an unattractive multi-sig security architecture that relies on trust between the user and their friends.
He continued by saying that Ethereum and Ethereum Layer 2 networks are seen by QED as its main rivals since they have a rival security architecture that many users and builders have found to be highly appealing.
The QED protocol’s deployment timetable for tokens
Feldman stated that the QED protocol testnet is anticipated to become live within the next three to four months. After QED gets a community consensus on the launch, the mainnet will go live, he continued.
Along with the mainnet launch, QED would also introduce its native token. According to Feldman, the currency will be introduced to make sure that our network of proof miners is suitably incentivized to operate high-availability, high-performance infrastructure. A protocol token that is dependent on proof-miner efficiency is required.
According to Feldman, QED has its headquarters in Hong Kong and employs over thirty individuals full-time in the Greater Bay Area. The initiative also intends to create its first U.S. office shortly, most likely in Texas. Additionally, Feldman is hiring for positions in engineering and marketing.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
